(NEW YORK) — Stocks futures traded slightly higher early Wednesday, following another volatile day for the market amid the continued rollout of President Donald Trump’s tariffs on goods from top U.S. trading partners.
Dow futures were higher by 189 points or 0.46%. Both the Nasdaq and S&P 500 also appeared ready to open narrowly higher on Wednesday.
Traders are expected to be looking to Wednesday’s inflation report for clues on the health of the economy amid Trump’s escalting trade war. Expectations are that inflation will be up 2.9% compared to a year ago. A worse-than-expected report could add to negative stock sentiment.
Trump’s 25% tariffs on all imported steel and aluminum products came into effect overnight. The European Commission said EU member states would retaliate with duties on U.S. goods, sending European markets mostly higher.
Some economists say that while the tariffs could boost the local steel industry in the United States, they could also lead to higher prices for industries that purchase steel. Those higher prices may eventually reach consumers.
The U.S. relies heavily on imported aluminum and those costs are expected go up as well.
This is a developing story. Please check back for updates.
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